Personal Accident Disability Insurance
Lifecheque with Living Care Benefit
Long Term Care Benefit
Types of Life Insurance
Term Life insurance is the most affordable, because the premiums are set for a specific number of years – 10 years, 20 years, to age 65, etc. It can also be very flexible, with additional features (riders) that can be added to the policy. Use term insurance for a temporary need.
Whole life insurance provides permanent protection that builds cash value over time. The cash value can be used to purchase additional insurance. This would be used when insurance coverage is needed in increasing amounts over the years.
Universal life provides permanent protection with tax-advantaged investment growth within the policy. The investment growth adds to the death benefit of the policy, or can be used to pay future premiums. Use Universal life insurance when a set amount of insurance is needed and when you plan to “overfund” the policy. Overfunding is depositing more than just the required premium amount.
Types of Living Benefit Insurance
Critical illness insurance pays out a lump sum benefit if you are diagnosed with an illness that is covered under the policy. Standardization of illnesses covered across the industry covers approximately 24 different illnesses.
Disability insurance pays a monthly benefit if you are unable to go to work due to illness or injury. This is the type of insurance where there would most likely be a claim.
Long Term Care
Long Term Care insurance pays a monthly benefit in a case where you are no longer able to look after yourself without assistance.
Insurance Investment Products
Segregated Funds are a type of mutual fund with an insurance wrapper that adds guarantees to the product. The types of guarantees can include a death benefit guarantee, a maturity guarantee (after a specific term), and an income stream guarantee.